Driven by a young, social media-savvy population and rising consumer demand, Mexico emerges as a powerhouse in Latin America's prestige beauty market. E.l.f. Beauty launched in Mexico via Sephora in 2024 and at the end of last year the Estée Lauder Cos. made a minority investment in Xinú, a Mexican luxury fragrance brand, marking the first time the beauty company has invested in a Latin American brand. According to Euromonitor, the Mexican beauty and personal care market was worth $17bn in 2024, the most recent year available, up from $15.5bn in 2023 and $11bn in 2020. Retailers and brands should be attracted to both current demand and future potential of the country with a population of 132.8mn, many of whom are young. Data from the World Bank showed that in 2024, almost a quarter of the population was age 14 and below. Sephora has been in Mexico for 15 years, but has been in expansion mode recently, opening eight stores last year, bringing the total to 52. E.l.f. Beauty mentioned that they are bringing in a whole different consumer set — Gen Z, more diverse. Blush-Bar, a Latin American beauty retailer with locations in Colombia and Chile, entered Mexico in 2023 and currently has nine locations.